Question

Following are several transactions involving a university.

1.	In fiscal year 2017, the university was notified by the federal government that in 2018 it would receive a $550,000 grant for wetlands research.
2.	The university received a $560,000 endowment.
3.	For the fiscal year, the university recorded $2,750,000 in tuition and fees revenue. Cash refunds of $358,000 were given.
4.	The university provided $13,900 in tuition waivers for students with outstanding academic performance.
5.	During the year, the university constructed a new street, to allow for the expansion of its student housing efforts. The cost of the street was $2,217,000.
6.	The biology department spent $28,000 on wetland research.
7.	At year-end, $1,870 of estimated uncollectible tuition and fees was recorded.

Required

a.	Prepare journal entries to record the foregoing transactions, assuming the university is a private institution. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

.

• 1 In fiscal year 2017, the university was notified by the federal government that in 2018 it would receive a $550,000 grant for wetlands research.

• 2 The university received a $560,000 endowment.

• 3 Record the receipt of tuition and fees revenue.

• 4 Record the refund of tuition and fees revenue.

• 5 The university provided $13,900 in tuition waivers for students with outstanding academic performance.

• 6 During the year, the university constructed a new street, to allow for the expansion of its student housing efforts. The cost of the street was $2,217,000.

• 7 Record the payment of expenses related to wetland research.

• 8 Record the appropriation of expenses for wetland research from the net assets released account.

• 9 At year-end, $1,870 of estimated uncollectible tuition and fees was recorded.

b.	Prepare journal entries to record the foregoing transactions, assuming the university is a public institution. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

• 1 Record the grant receivable from the Federal Government for wetlands research.

• 2 The university received a $560,000 endowment.

• 3 Record the receipt of tuition and fees revenue.

• 4 Record the refund of tuition and fees revenue.

• 5 The university provided $13,900 in tuition waivers for students with outstanding academic performance.

• 6 During the year, the university constructed a new street, to allow for the expansion of its student housing efforts. The cost of the street was $2,217,000.

• 7 The biology department spent $28,000 on wetland research.

• 8 At year-end, $1,870 of estimated uncollectible tuition and fees was recorded.

Answer 1

- Debit Answer Page: No o @ Journal entries to record the foregoing foransactions, asuming the universidang private institution Account title Gredit Grant sreceivable $ 550,000 contributions - temporarily restructed $ 550,000 @ : cash $ 560,000 Contributions - Permanently restricted $ 560,000 © Tuition and fees receivables 2150,000.- | Tuition & fces - : unrestaicted $2750,000 © Testion & feed unrestricted $358000 cash $358000 © Tuition & fees discounts and allowances $ 13900 Tuition ê fees receivable $ 13900 @ hand improvements $ 227000 - Cash $2217000 © Research expense $ 28000 - Cash $28000 © Kledi assets released from restrictions temperating $ 28000 Net assets released from restrictions - unvestücked - $28000 Tuition & fees - onrestricted $1870 Allowance for doubtful accounts $1870 28000 Yestucbado

Page No @ Journal entries the event to the foregoing transactions, ansering the milersity és public institution so Account bitle Debit I Gedit o. No journal entry is recorded @ cash 560,000 Revenue - gibts and grants 1 $560,000 tccounts yeceivable - tuition E, peers $3950,000 Revenue - tuition and fees 9450,000 Revenue - Tuition & fees $ 358000 $358000 ☺ Tuition Ę fees discounts and allowances $13900 L. Accounts receivable - Tuition and fees $13,900 Infrastructure $ 2214000 cash a $2217000 0 Research expense $ 28000 $28000 @ Provision for bad debts Allowance for doubt fuil accounts cash Cash $1870 $1870